RIYADH: Qatar is set to attract foreign asset managers as its sovereign wealth fund dedicates up to 1 billion Qatari riyals ($275 million) toward a market-making program.
The program will promote price discovery and diversify the country’s capital markets, reported the Qatar Investment Authority on Tuesday.
In turn, this move will enable the market to pull in more foreign asset managers to invest in the country’s local shares.
Additionally, it will boost liquidity on the Qatar Stock Exchange, noted the $445 billion sovereign wealth fund.
Set to operate over the next five years, the market-making program will cover 90 percent of the size of the market capitalization listed on the local bourse.
Saudi-Qatari trade ties
Qatari Minister of Commerce and Industry Mohammed Al-Thani met with Saudi Investment Minister Khalid Al-Falih on Tuesday.
In the meeting, Al-Thani highlighted how its economic policies effectively encouraged investors and businessmen to invest in the country.
Al-Falih flew to Doha to participate in the three-day Qatar Economic Forum.
In January, Qatar’s sovereign wealth fund increased its stake in Credit Suisse to just under 7 percent, becoming the Swiss bank’s second-largest shareholder after Saudi National Bank, indicating that its Gulf investor base is growing in importance.
Cleantech leadership
The country is also set to drive the growth of the clean technology industry in the Middle East and Africa as its favorable policies and advanced technological infrastructure present investment opportunities worth $75 billion, revealed an industry report earlier this month.
Qatar’s Investment Promotion Agency stated that the country’s sustainability initiatives, abundant natural resources, and an early-mover advantage in green hydrogen production made the gas-rich nation an emerging leader in the cleantech industry.
“With its abundant solar energy resources, Qatar is well positioned to take advantage of hydrogen production, which is essential to decarbonize hard-to-abate sectors,” the report said.
The report pointed out that the support of government policies in Qatar and the Middle East and North Africa region has a vital role in the growth of the cleantech sector.
Qatar hopes to attract foreign asset managers through its new market-making program
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Qatar hopes to attract foreign asset managers through its new market-making program
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
